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February 2nd, 2006 by eyal | Filed under Day Trading. |
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I made some changes to my plan today and focused on micro stocks. I traded CTCD, GNTA, ASPV and NWY.
CTCD – was stopped out for -1R on the 5th bar, this could have been re-entered later for a nice move.
GNTA – Stopped at BE.
NWY – Made a mistake with the stop price and was stopped out for -1R just before it headed my way, bummer trade which could have netter a couple of R.
ASPV – saved the day’s P&L, this thing is super thin so once it took off it flew like a rocket. My exits were horrendeous half at about 24.5 and half at 24 with an over +4R.
End result is +2R and nice to see things moving. I think I was focusing too much on the very heavy stocks that gapped too strongly and then either stagnated or reveresed. We’ll see how things go. The inspiration for this change is Englishman Trader’s recent success which I found quite amazing.
Eyal,
I think you will find that the gap/retracement play is not responsible for my recent run, rather its my new Big Up Mover scan/play. This looks for stocks that have unusual volume, their DMAs stack correctly (20 over 50 over 200) and the price has had the largest movement over the open in terms of percentage. I am in the process of writing up my setups in more detail and will post them to my site soon.
Good luck.
Englishman Trader
Hi Englishman, Since this change described above I noticed I end up watching a very similar list of stocks as you are while previously my list was just 1 to 4 stocks of the most heavily traded gappers.
Thanks for dropping by.
Eyal